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Downt ownshoppi ngcent r e

t enant sar el i vi ngi nl i mboast heycont empl at et hel ur eofabi ggerandbet t erco butf acet heuncer t ai nt yoverwhati mpactt hosedevel opment swi l lhaveont hei rbusi nesses. Thecent r e' sowner ,West f i el d,sayst hemal lcoul dbe t oAuckl andCounci lbef or ebei ngsol dbackagai n,al l owi ngpl ansf ora41st or eyt owert opr oceed. Thecompanyr ecei vedr esour ceconsentf ort h t oweri n2008,despi t er evel at i onsacent r alr ai lt unnelwoul dgodi r ect l yunder neat h.Tal ksbeganwi t hKi wi Rai landt heAuckl andRegi onalTr ansp t hor i t y( ARTA)butnot hi ngconcr et ewasdeci ded. West f i el ddi r ect orJust i nLynchsayst he" bul l i sh"economyst i f l edt hebui l di ngpl ans,al t hought coul dyetgoahead.I ncl udedar et wol evel sofupmar ketshopsandaf oodcour tmor ei nt unewi t ht hear ea' shi ghendf eel .MrLynchsayst her ai ll

Pol i t i cal

concepthasnow movedf r om mer edi scussi ont oi mpl ement at i on. " Auckl andTr anspor tandAuckl andCounci lhavet he They' veannouncedt heywantt ogoaheadwi t ht hef i r stst ageofl andacqui si t i onandt hey' r et al ki ngr ealmoney. " HesaysWest f i el dpassedonal e f r om Auckl andTr anspor tt or et ai l er sear l i ert hi smont hadvi si ngt hem t hei rshopswer eonl andr equi r edf ort hecent r alr ai ll oop,butwoul dn' tber qui r edunt i l2015. " Noagr eement shavebeenr eachedand,asf araswe' r econcer ned,i t ' sbusi nessasusual , "saysMrLynch.Hesayst hemostl i k scenar i oi st hatt hecounci lwi l lpur chaset hesi t eundert hePubl i cWor ksAct ,andt hatcoul dbet heendofWest f i el d' si nvol vement .Buti ft hecou boughtt hemal l ,bui l tt het unnelandsol di tback," we' dl ookt odustof fourpl ans" . ThePubl i cWor ksActpr ovi desWest f i el danopt i ont o" buybac t hatwast ohappen,MrLynchenvi sagest het oweri ncl udi ng" ci t y"r et ai lst or esr at hert handepar t mentst or esorsuper mar ket s." Ther ecoul dbea cour tbutwe' dpot ent i al l yr epl i cat ei tatahi gherl evel-mor eofar est aur antbi st r o.Caf esdevel opi ngi nt hatr egi onar emor eatt heupperendt han cur r ent l yonsi t e. " However ,he' sst i l lwai t i ngt ohearf r om Auckl andCounci landpr edi ct st het owerwon' tbebui l tanyt i mesoon. " We' r enotact i vel sui ngi t ,butt hatmi ghtchangei fat enantwant edt ol ookati tandwaskeen.I t ' ssi t t i ngt her eal mostr eadyt ogo. " Hesaysi ft heshoppi ngcent r em wayf ort her ai ll oop,i twi l lbeashor t t er m,t empor ar yl oss. " What ' sr ebui l tcoul dbear egener at i onoft hear ea. " RogerBr ookbanks' st or eMascoWool shasbeenat enanti nt hemal lsi nce1986.MrBr ookban r eeval uat i nghi sf ut ur eaf t erbei ngt ol dt heshopmaybei nt heway.Hesayshe' dber el uct antt ol eaveast heshoppi ngcent r ei scl oset ot het r ans hubandhi scust omer sar ef ami l i arwi t hi t . " I t ' l lcr eat ehar dshi pamongstr et ai l er sandt hebuyi ngpubl i c.Butt hat ' st hepr i ceyouhavet opayt oget t hi ngt hr ough. "Masco' sl easer unsoutt hi sSept emberandMrBr ookbanksi shopi ngf orat woyearr enewal .Hesaysanyl easesr enewedaf t er20 i ncl udeacl auset hatenabl est hem t obet er mi nat edi ft het unnelgoesahead." I tcoul dbeanot her10year sbef or eanyt hi nghappens.Get t i ngChr i ur chr ebui l twi l lbeamor ei mpor t antpr i or i t yt hanput t i ngi nar ai ll i nk. "The$1. 6bi l l i onl andl or dPr eci nctPr oper t i esexpect st ost ar tr edevel opi ng Downt ownShoppi ngCent r esi t ei nAuckl and' sCBDabovet henew Cent r alRai lLi nki nt woyear s.I nani nvest orpr esent at i oni ssuedwi t hi t si nt er i r esul tyest er day,t hecompanysai dwor ksshoul dst ar tby2016andi twasi nt al kswi t hAuckl andCounci lovert hehugescheme,pl annedt ot r ansf t hewat er f r ontendoft heci t yandl i nkupnear byPr eci nctpr oper t i es. " Negot i at i onswi t ht hecounci lt ocoor di nat et het i mi ngofwor kswi t ht hebui ofat unneli spr ogr essi ngwel l , "t hecompanysai d.Pr eci nctandt hecounci lhadcommoni nt er est swhi chwoul dhel pr educedi sr upt i ont oeachot pr oj ect s,enabl ecostsavi ngsandcoor di nat i onont hemast erpl anni ngoft het unnelandt het owert or i seabovei t ,t hecompanysai d.A$350mi l l 30l evelt oweront hesi t ebet weenLowerAl ber tSt ,Cust omsStandQueenEl i z abet hI ISquar eopposi t et heFer r yBui l di ngonQuayStwasi ni t i al l y pl annedbyWest f i el dl astdecade.I tsol dt hesi t et oPr eci nct ,whi chi sadvanci ngpl ansf orahugenew mal landof f i cet ower .Pr eci nctal soannoun mi ghtbui l dt heWynyar dQuar t er ' snew i nnovat i onhubbecausei twasi nt al kswi t ht hecounci l ' sAt eedar m.Pr eci nct ' snetaf t er t axi nt er i m pr of i tt cember31,2013r osef r om $23. 6mi l l i ont o$39. 5mi l l i on.Car l i eEveofMi ntAssetManagementwaspl easedwi t ht her esul t ." I twasi nl i newi t hexp t i ons,t heear ni ngsupl i f tdr i venbyl easi ngact i vi t y,acqui si t i onsandt hecompl et i onoft heANZr edevel opment , "shesai d.Pr eci nctwoul dbeast r o vel opmentpar t neri nt heWynyar dQuar t erandt hecompanyhadmor eofaf ocusonr edevel opmentwor kwi t ht heDownt ownj obandwor kal sope onWel l i ngt on' sBowenCampus." Thegoodt hi ngaboutWynyar di st hatt hel easest r uct ur esar emuchbet t er ,gi vi nggr eat ercer t ai nt y,t hant hose pr i vat eoper at or s, "shesai d,r ecal l i nghow Ki wiI ncomePr oper t yTr usthadpr epai di t sgr oundr enti nt hear eaf orASBNor t hWhar ff ora90yeart Pr oper t ypr oposalf ort henew 30l evel t ower .Pr eci ncthadi ndi cat edt hei rWynyar di nnovat i onpr eci nctwoul dal sohaveapr epai dl easehol dst r uc " Ther esul tal soconf i r mst her ei sst r ongmoment um i nAuckl andof f i cer ent s,Pr eci nctcomment i ngt hatt hei rl easi ngandr evi ewsi nAuckl andwe percentaheadofJuneval uat i ons. "Scot tPr i t char d,CEO oft hebusi nesswi t h300t enant si n17l andmar kbui l di ngs,sai dt heout l ookf orpr i meCB f i cescont i nuedt ost r engt henandt hesect orhadl ow vacancyl evel s.Gui dancef or2014wasunchangedandPr eci nctt r adedar ound$1. 03.AMPe t owerf orAuckl andr et ai lcent r e5: 30AM TuesdaySep25,2012Anew of f i cebl ockatdownt ownshoppi ngsi t ecoul dbewor t hupt o$300mi l l i on,s company.Anar t i st ' si mpr essi onofat oweratt hecent r albusi nessdi st r i ctsi t ef orwhi cht hepr evi ousownerhadr esour ceconsent .Phot o/TheAu l ander .A41l evel ,71, 000sqm,$300mi l l i onof f i cebl ockf or3000peopl ewi t hmor et han100shopsbeneat hcoul dr i seonAuckl and' swat er f r ont .A Of f i cechi efexecut i veScot tPr i t char dsai dt hatf ol l owi ngl astweek' s$90mi l l i onpur chaseoft heWest f i el dDownt ownShoppi ngCent r e,opt i onsw bei ngexami nedf orahugenew bui l di ngt her eandt al kswer eal r eadybei nghel dwi t hanar chi t ect .Oneort wot ower sar ebei ngconsi der ed,hesai r eact i onf r om t hepubl i ct oat oweroft hi shei ghti syett obegaugedbecauseal t houghWest f i el dgai nedconsentf ordevel opment ,i twasneverbu

Pr i t char d

t ot heeconomi cdownt ur n." Youdon' tof t engeta6500sqm si t ei nt heCBD, " sai d." West f i el dal r eadyhadr esour ceconsent 41l evelt ower , "hesai d." Wedon' tknow i fwewi l lbui l dt hat .I twi l lbever ymuchdependentont hedemandbutt hesi z eoft hesi t emeansi tmi ght j ustonet ower ." How wedevel opi ti ssomet hi ngwewi l lassessovert henextt woyear s. " Anynew t owercoul dbewor t h$200mi l l i ont o$300mi l l i o est i mat ed,maki ngi tt hecompany' smostval uabl easset ." Theshoppi ngcent r eatt hemomenti s15, 000sqm, "hesai d,butdemandf oramuchl ar shoppi ngcent r e-evenasmuchaspossi bl y100, 000sqm -wasf easi bl eduet ol ocat i onandsi t esi z e. " Iguesst hat ' st heoppor t uni t ywer ecogni sed t hesi t e, "hesai d.Manypeopl ehadaskedaboutt heescal at or sbecauseoneneart hef oodcour thadnotoper at edf orsomet i me." Ther e' sapr ogr ofwor kunderwayf ort heescal at or swhi chwi l lbef i xedi nt henextt womont hs, "Pr i t char dsai d." Theescal at or sar ever yol dandsoi t ' saboutf i nd par t sf ort hem andIguesst her e' sbeenar el uct ancet or epl acet hem now. "I nst i t ut i onali nvest or shaveal r eadyexpr essedt hei rsuppor tf ort hedea t hebusi nesswhi chi schangi ngi t snamet oPr eci nctPr oper t i esNew Zeal andbutcr i t i cshavewonder edwhyabusi nesswhol l yf ocusedonowni ng pr emi umgr adeof f i ceswoul dbuyashoppi ngcent r e.Pr i t char dencour agedpeopl et ol ookatt hesi t e' spot ent i alf orwhatcoul dbeNew Zeal and' s mi um of f i cet ower .Ot hercr i t i cshaver ef er r edt oSi rBobJones' qui pt hati nvest or sshoul ddot heopposi t eofwhatAMPdoes." Myr eact i ont ot ha t hatwe' r enotAMP.Idon' tt hi nkBobwasr ef er r i ngt ouswhenhemadet hatcommentmanyyear sago." Ther e' sal waysconf usi onaboutt heAMP andt hat ' swhywe' r echangi ngourname, "Pr i t char dsai d,r ef er r i ngt or ebr andi ngt hebusi ness,or i gi nal l yf l oat edont heNZXi n1998asAMPNZO Tr ust .OnFr i day,t hebusi nessdi st r i but esi t sannualr epor t ,car r yi ngt henew name,hesai d.Tal kswi t hWest f i el dhadbeengoi ngonf ort woyear s si nceIst ar t edher e" ,butt her ewasnopr essur et obui l dont hel andi mmedi at el y,hesai d." I t ' sanassett hatgener at esani cehol di ngr et ur n, "hes f er r i ngt ot he7. 6percentyi el dont hepur chasepr i ce,equat i ngt oar ound$6. 8mi l l i onannualr ent alf r om t enant s." We' vehadsomepr el i mi nar ydi si onwi t hanar chi t ecti nt er msofwhatwecangetont hesi t e, "Pr i t char dsai d,i ndi cat i ngt hatt al kswer ewi t hanAuckl and,notAust r al i an,f i r m.Th er t yi ssur r oundedbyot her sownedbyAMPNZOf f i ce:Zur i chHouseat21QueenSt ,f aci ngQueenEl i z abet hI ISquar e,t hePWCt oweront hecor n Al ber tandQuaySt s,andt heAMPCent r eont hecor nerofAl ber tandCust omsSt s.West f i el dDownt owni sal r eadyl i nkedt ot hePWCt owerbyan br i dgeoverAl ber tStandPr i t char di ndi cat edast r ongdesi r et ocr eat ef ur t herl i nksbet weent heAMPpr oper t i es." Thel ocat i oni sobvi ousl ypr et t y t antf orusandt her e' spot ent i alt oi nt er connectt hebui l di ngsont hewat er f r ontandbui l dt ot r aver set hatwhol edownt ownpr eci nct , "hesai d." We qui t esuppor t i veoft he[ Auckl and]Counci l ' sdi r ect i oni nt heCi t yCent r eMast erPl an. "AMPwasal sokeent owor kwi t ht hecounci lont hepl anned

Cent r alRai lLi nk

l i t i onofWest f i el dDownt ownt oal l ow t henew t obesunkbeneat ht her ecl ai medl andt omaket hecr u connect i onf r om Br i t omar tupAl ber tSt . " Unt i lwe' vegotcer t ai nt yar oundt hat ,i t ' sgoi ngt obever ydi f f i cul tf orust ocount enanceanydevel opmen Pr i t char dsai doft hedemol i t i onandpl ansf ort her ai ll i nk.Auckl andcounci l l orCamer onBr ewerencour agedcooper at i onbet weenpar t i es." Thes i sf ort hecounci lt owor kwel lwi t hAMPwhohol dal lt hecar ds, "Br ewersai d. " Wedon' twantt or eachast al emat eandbef or cedt obuyt heundeve si t eof ft hem atani nf l at edpr i ce. "Pr i ort ot hepur chasebyAMPr at epayer swer ebei ngl i nedupt obuyt hebl ockt omakewayf ort her ai ll i nk,andm oft he$110mi l l i onal l ocat edf orpr oper t yacqui si t i onscoul dhavebeenneeded,hesai d. Li keonFacebook

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WHO AREPRECI NCT PROPERTI ES?

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Whoowns( 11â&#x20AC;&#x201C;19Cust omsSt r eetWest )Pr oper t y?

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WEPROVI DE PREMI UM CBDOFFI CE SPACEFOR BUSI NESSES TO THRI VE

WHO ARE PRECI NCT?

The$1. 6bi l l i onl andl or dPr eci nctPr oper t i esexpect s t ost ar tr edevel opi ngi t sDownt ownShoppi ngCent r e si t ei nAuckl and' sCBDabovet henew Cent r alRai l Li nki nt woyear s.

Anew of f i cebl ockatdownt ownshoppi ngsi t ecoul d bewor t hupt o$300mi l l i on,sayscompany

A41l evel ,71, 000sqm,$300mi l l i onof f i cebl ockf or 3000peopl ewi t hmor et han100shopsbeneat hcoul d r i seonAuckl and' swat er f r ont .

Oneort wot ower sar ebei ngconsi der ed,hesai d. Butr eact i onf r om t hepubl i ct oat oweroft hi shei ght i syett obegaugedbecauseal t houghWest f i el d gai nedconsentf ordevel opment ,i twasneverbui l t duet ot heeconomi cdownt ur n.

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WHO AREPRECI NCT PROPERTI ES?

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Of f i ce -Ret ai l-Publ i c Dot hePubl i cf i ti nt hi ssi t e? Ar ef oodcour t sandmal l spubl i cspace? Cant her ebepubl i cspacewher eyoudont f eell i keyouneedt ospendmoneyt ost ay? Cr eat eabui l di ngt hati satt hesamet i meol df ashi onedi nt er msofr esur r ect i ngt hepubl i c ( r eal m) ,andcont empor ar yi nt er msofaddr essi ngt hekeyi ssueof( f r ee)publ i cspacei nsi dea pr of i tor i ent at edat mospher e

Publ i cl i br ar yâ&#x20AC;&#x2122; sar et hel astvest i geoff r ee spaceswi t hi naci t yt hatar ei ndoor s. Wehaveaver yspeci f i ccul t ur eNew Zeal and, t her eâ&#x20AC;&#x2122; saver yhi ghl ydevel opedcommon sensi bi l i t yandahi ghl ydevel opedsenseof sol i dar i t ybet weent her i chandt hepoor . Wher et her i char eangst r i ddenandwantt o dowel l . Wenow l i vei nacul t ur ewher emanypeopl e ar ei nvol vedi nt hedi gi t alwor l d.Whatconnect s ever yonei sadedi cat i ont or easonandt o r easoni ng. Cr eat eabui l di ngt hati satt hesamet i me ol df ashi onedi nt er msofr esur r ect i ngt he publ i c( r eal m) ,andcont empor ar yi nt er msof addr essi ngt hekeyi ssueof( f r ee)publ i c space.

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